UNIONDALE, NY, Aug. 12, 2008-– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $5,999,300 loan under the Fannie Mae DUS® product line to finance the 190-unit complex known as Strawbridge Green Apartments (top left photo)in Indianapolis, IN.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.37 percent.
The loan was originated by Stephen York, (top right photo) Director, in Arbor’s full-service Uniondale lending office.
“The sponsors on thi
s transaction purchased this property one year ago and were able to significantly improve operations within a short period. The property underwent considerable renovations, which assisted the sponsors in their pursuit to increase the occupancy to a stabilized level within seven months after their purchase,” said York.
s transaction purchased this property one year ago and were able to significantly improve operations within a short period. The property underwent considerable renovations, which assisted the sponsors in their pursuit to increase the occupancy to a stabilized level within seven months after their purchase,” said York.“When the property was ready for permanent financing, Arbor was pleased to deliver competitive terms including three years of interest-only.”
Contact: Ingrid PrincipeTel: (516) 506-4298, iprincipe@arbor.com
Contact: Ingrid PrincipeTel: (516) 506-4298, iprincipe@arbor.com
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